CoreWeave’s heavy debt load, now exceeding $35 billion as of mid-2026, stems from rapid GPU infrastructure expansion to meet surging AI compute demand, yet recent developments point to continued access to capital rather than distress. The company just launched a $3 billion convertible notes offering due 2033 plus an at-the-market equity program for up to 35 million shares, using proceeds for general purposes and credit profile improvement while reporting Q2 revenue of $2.6 billion (up 112% YoY) and a $104 billion backlog. Strong short-term contract pricing at roughly $40 million per megawatt annualized and expanded power capacity to 4.2 GW underscore customer momentum, though elevated interest expenses and dilution concerns have pressured shares. Upcoming catalysts include further debt draws and capacity deployments that could influence refinancing timelines.